Keyword
cyber
Compromised Data
October 24, 2017 Antoine St-Germain, Partner, Gasco Goodhue St-Germain LLPA Quebec court recently ruled that obtaining credit reports and replacing accounts are potentially matters for which plaintiffs could be entitled to compensation in a class-action lawsuit arising from a breach of a retailer’s payment card data.
Burns & Wilcox Canada, Node International enter exclusive agreement for cyber liability insurance
October 24, 2017 by Canadian UnderwriterBurns & Wilcox Canada has entered into an exclusive agreement with Node International to distribute comprehensive cyber liability insurance, a move the former characterizes as “fusing cyber security tactics and insurance like never before.” The agreement means the managing general…
Average cyber breach costs US$394,000, higher in financial services sector: NetDiligence
October 12, 2017 by Canadian UnderwriterThe aggregated average total breach cost of a cyber event is US$394,000, with an average claim for a large company of US$3.2 million, a new report from NetDiligence has found. NetDiligence, a provider of cyber risk readiness and response services,…
Pressure Change
October 11, 2017 Emily Atkins, EditorRisk barometer reflects evolving threats to business
Guidewire’s planned acquisition of Cyence to help p&c clients deal with 21st-century risks
October 10, 2017 by Canadian UnderwriterGuidewire Software, Inc.’s planned acquisition of Cyence Inc. will ensure Guidewire clients can access a cloud-based data listening and risk analytics solution to help them manage emerging risks for which long claims histories may not be available. California-based Guidewire Software,…
Endeavour launches cyber facility, cyber protection becoming key to risk management
October 10, 2017 by Canadian UnderwriterEndeavour Insurance Services is looking to facilitate easier management of risks in the small-medium enterprise (SME) cyber space – while also supporting MGAs, brokers and clients in the U.S. and Canada – with the launch of a new technology and…
Aviva Canada beefs up identity theft offering to protect customers
October 3, 2017 by Canadian UnderwriterAviva Canada is marking the beginning of Cyber Security Awareness Month (October) with the announcement that it is introducing enhancements to its identity theft coverage at no additional cost to existing customers. The coverage features widespread financial protection if a…
Insurance industry prepared to accommodate or address technological challenges: OSFI’s Henderson
October 2, 2017 Jason Contant, Online EditorDespite the constantly changing landscape, ever since insurance has been around, the industry has “accommodated or addressed” these emerging challenges, attendees to the National Insurance Conference of Canada (NICC) heard on Monday. Neville Henderson, assistant superintendent of the insurance supervision…
Cyber attacks among polled U.S. business costing at least US$5,000
October 2, 2017 by Canadian UnderwriterSeven in 10 of the surveyed U.S. businesses that experienced a cyber attack in the last year spent in excess of US$5,000 to investigate each incident, restore or replace software and hardware, and address any other consequences. However, 38% of…
Cyber contributes to premium growth in Lloyd’s market
September 29, 2017 by Canadian UnderwriterThe Lloyd’s market had a 1.1-point improvement in its combined ratio for the first six months of the year, while gross written premiums were up 16%, with professional lines in the United States, cyber and political risk among the lines…
Global cyber premiums to increase six- to eightfold within a decade: Fitch
September 28, 2017 by Canadian UnderwriterGlobal cyber premium volume is set to increase six- to eightfold within a decade, according to a new report from Fitch Ratings. Released on Wednesday, the report Cyber Insurance – Risks and Opportunities (Global Non-Life Insurer Underwriting Exposures Examined) found…
Charting the Course
September 13, 2017 Fred Eslami, Senior Financial Analyst, A.M. Best CompanyCyber insurance seems like it is poised to go it alone. Growth of the line — currently in the United States and perhaps in future in Canada — is taking shape as a stand-alone offering. What are the benefits of such a move?